CVS cancels presentation amid speculation of Eckerd bid

NEW YORK (CBS.MW) -- Analyst Mark Husson at Merrill Lynch said CVS
CVS, +3.39%
Chairman and Chief Executive Tom Ryan has canceled an appearance at a Merrill Lynch conference because the company has "a lot going on." In a note to clients, the analyst noted that press reports have suggesed a deal in which CVS and Jean Coutu buy J.C. Penney's Eckerd drugstore assets, possibly as early as this week. "We continue to [rate CVS shares] 'buy' and believe they have the financial discipline not to overpay for any part of Eckerd they may buy," Husson said. Merrill has a $40 price target for CVS shares, which closed Monday up 4 cents at $34.60.

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